Posted by: cfigueira | October 5, 2010

Bank Of America / Wells Fargo News

Bank of America Wholesale :

National Mortgage News is reporting that BofA has officially exited the wholesale channel. Un-officially this is the second time they have exited the wholesale channel. Although it’s disheartening to see a major source of funding disappear, that’s just more volume for the other broker channel sources.

Wells Fargo:

Wells Fargo issued an announcement that they are and will continue to support the Broker Channels.

“In a rapidly changing regulatory and business environment, we want to let you know that we remain steadfastly committed to you, your borrowers and the Wholesale business. For more than 15 consecutive years, we’ve worked with brokers, and we remain committed to this origination channel.

We believe that the broker community plays an important role in the lending industry. You bring competition to the marketplace and offer choices to borrowers. Our research shows that brokers remain a home lending channel of choice for many borrowers, who rely on your ability to provide them with a variety of lending options.”

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